Ex-MD Explains Real Reason Syringe Manufacturing Company Shut Down in Nigeria "Temporarily"
- The former managing director of Jubilee Syringe Manufacturing Company has spoken on why the company closed down temporarily
- In an interview, the ex-employee said the company's owners in Nigeria and Turkey were not on the same page
- He disclosed that the owners were not ready to make any attempt to bring the company back to its feet
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Akin Oyediran, the former managing director of the Jubilee Syringe Manufacturing Company in Akwa Ibom state, has disclosed why the company closed down its operations in the country.
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Legit.ng reported that the company temporarily shut down operations in Nigeria, blaming the decision on forex challenges.
The company emphasised that its decision to halt operations was only temporary. It, however, did not mention when operations would resume.
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BusinessDay reported that the company was Africa's largest syringe manufacturing venture and was inaugurated in 2017 by former Vice President Yemi Osinbajo.
Infighting in Africa's largest syringe manufacturing company
In an interview with The Punch, Oyediran revealed that he had quit as the company's CEO because the owners were not prepared to continue operating it.
He explained that the company's owner turned down attempts to obtain a loan to keep the company operating in Nigeria.
Oyediran noted:
“I have resigned from the company anyway. But the truth of the matter is that those guys are not serious. We were trying to get a loan to do what we intended to do, but they refused
“The syringe can still come back but under a new management. It was owned by a Turkish national in collaboration with Nigerian owners and they are fighting each other right now.”
Another Nigerian fintech startup shuts down
Legit.ng reported that Pivo, a Nigerian startup fintech firm, announced that it is shutting down operations.
The was after the company raised $2 million in a seed round from Y Combinator, Ventures Platform, Mercy Corp Ventures, and over 15 other investors.
While a source confirmed the closure to TechCabal, the company declined to provide specific details but said that will be done later.
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Source: Legit.ng
